The fiscal cliff in context

Federal revenue is currently well below its postwar, pre-crisis average, while expenditure is well above, with both factors contributing to a large and persistent deficit. Under current law, the deficit situation would be quickly, if painfully, resolved, with the lion’s share resulting from increased tax revenue.

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Year of publication:	2012
Authors:	Martin, Fernando M.
Published in:	Economic Synopses. - Federal Reserve Bank of St. Louis. - 2012, 34
Publisher:	Federal Reserve Bank of St. Louis
Subject:	Fiscal policy - United States \| Budget - United States

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Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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